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Biotech / Medical : ARIAD Pharmaceuticals -- Ignore unavailable to you. Want to Upgrade?

To: Biomaven who wrote (741)	10/13/1999 9:22:00 AM
From: scaram(o)uche	Respond to of 4474

Loose ends and a bit of optimism........ BW1225 OCT 13,1999 5:30 PACIFIC 08:30 EASTERN ( BW)(MA-ARIAD-PHARMACEUTICALS)(ARIA) ARIAD Cancels Planned Debt Offering Business Editors/Health Writers CAMBRIDGE, Ma.--(BUSINESS WIRE)--Oct. 13, 1999--ARIAD Pharmaceuticals, Inc. (Nasdaq: ARIA) today announced that, as a result of the letter of intent signed yesterday with Hoechst Marion Roussel, Inc., the pharmaceutical company of Hoechst AG, it has canceled a planned debt issue of $5 million of 10% secured debentures. Hoechst Marion Roussel intends to purchase ARIAD's 50% ownership interest in the Hoechst-ARIAD Genomics Center, LLC and advanced $5 million of the $40 million purchase price to ARIAD yesterday. Closing of the sale is expected before year-end 1999, pending execution of definitive agreements and other closing conditions. "The consummation of this transaction with HMR should provide ARIAD with more than two and one-half years of anticipated cash requirements without other financings. One of our next goals is a strategic partnership to further fund the development of our ARGENT(a) product line," said Harvey J. Berger, M.D., chairman and chief executive officer of ARIAD. ARIAD Pharmaceuticals (www.ariad.com) is engaged in the discovery and development of novel therapeutics based on signal transduction technology. ARIAD is developing small-molecule drugs to block intracellular signaling pathways that play a critical role in major diseases, including osteoporosis and various immune-related disorders. ARIAD is also developing ARGENT(a), a proprietary gene regulation technology for orally active protein therapy and cellular immunotherapy that utilizes small-molecule drugs to control intracellular signaling pathways in engineered cells. Some of the matters discussed in this news release are forward-looking statements that involve risks and uncertainties, which include, but are not limited to, risks and uncertainties regarding the successful completion of the sale of ARIAD's interest in the Genomics Center under the terms described above, if at all, as well as risks and uncertainties relating to economic conditions, markets, products, competition, intellectual property, services and prices, key employees, future capital needs, dependence on our collaborators and other factors under the heading "Cautionary Statement Regarding Forward-Looking Statements" in ARIAD's Annual Report on Form 10-K for the fiscal year ended December 31, 1998 filed with the Securities and Exchange Commission. --30--sw/ny* CONTACT: ARIAD Pharmaceuticals, Cambridge Jay LaMarche, Chief Financial Officer, 617/494-0400 or Bridge Communications, New York Jennifer LaVin, 212/554-4158